Spelling suggestions: "subject:"amarket manipulation"" "subject:"1market manipulation""
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Financial market monitoring and surveillance systems framework : a service systems and business intelligence approachDiaz Solis, David Alejandro January 2012 (has links)
The thesis introduces a framework for analysing market monitoring and surveillance systems in order to provide a common foundation for researchers and practitioners to specify, design, implement, compare and evaluate such systems. The proposed framework serves as a reference map for researchers and practitioners to position their work in the context of market monitoring and surveillance, resulting in a useful instrument for the analysis, testing and management of such systems. More specifically, the thesis examines the new requirements for the operation of financial markets, the role of technologies, the recent consultations on the structure and governance of EU and US markets, as well as, future usage scenarios and emerging technologies. It examines the context in which market monitoring and market surveillance systems are currently been used. It reports on their processes, performance, and on the organisational and regulatory environments in which they exist. Furthermore, it develops a set of taxonomies which cover the majority of the concepts of market manipulation, market monitoring, market surveillance, entities, technologies and actors that are relevant for the work in this thesis. Building on the gaps and limitations of the current systems, it proposes a new framework following the Design Science methodology. The usefulness of the framework is evaluated through four critical case studies, which not only help to understand with practical exercises the way how markets monitoring and surveillance systems work, but also to investigate their weaknesses, potential evolution and ways to improve them. For each case study, the thesis develops a fully working prototype tested using a sample prosecution case and evaluated in terms of the appropriateness and suitability of the proposed framework. Finally, implications relating to policies, procedures and future market structures are discussed followed by suggestions for future research.
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Návrh opatření na zvýšení hodnoty akcií podniku / Proposal of measures for company shares value appreciationNejezchleb, Kamil January 2007 (has links)
The Paper is focused on company shares value and manipulation with their course on capital market. Theoretical part describes Fundamentals and technical analysis, which are used for identifying share inner value a expected trend in course. Consequently are described forbidden market practices and transactions on capital market according to new legal regulation. Analytic part contains analysis, which identifies inner value of company shares and predicts trend in course. Following analysis are setting measures, which enables company management to realize appreciation of company shares, without making offend against legal regulations of securities course manipulation. Summary contains recommendations and findings, which can be generally used for improving companies positions on capital markets.
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Dynamik och tillförlighet i finansiell prognostisering : En analys av djupinlärningsmodeller och deras reaktion på marknadsmanipulation / Dynamics and Reliability in Financial Forecasting : An Analysis of Deep Learning Models’ Response to Market ManipulationZawahri, Aya, Ibrahim, Nanci January 2024 (has links)
Under åren har intensiv forskning pågått för att förbättra maskininlärningsmodellers förmåga att förutse marknadsrörelser. Trots detta har det, under finanshistorien, inträffat flera händelser, såsom "Flash-crash", som har påverkat marknaden och haft dramatiska konsekvenser för prisrörelserna. Därför är det viktigt att undersöka hur modellerna påverkas av manipulativa handlingar på finansmarknaden för att säkerställa deras robusthet och tillförlitlighet i sådana situationer. För att genomföra detta arbete har processen delats upp i tre steg. Först har en undersökning av tidigare arbeten gjorts för att identifiera de mest robusta modellerna inom området. Detta gjordes genom att träna modellerna på FI-2010 datasetet, som är ett offentligt tillgängligt dataset för högfrekvent handel med aktier på NASDAQ Nordic-börsen. De modeller som undersöktes inkluderade DeepLOB, DeepLOB-Attention, DeepLOB-seq2seq, DTNN och TCN. Det andra steget innefattade att köpa det svenska datasetet från Nasdaq Nordic, vilket tillhandahåller data om svenska aktier Limit Order Book (LOB). De två modellerna som visade bäst resultat i det första steget tränades sedan med detta dataset. Slutligen genomfördes en manipulation på de svenska orderböckerna för att undersöka hur dessa modeller påverkas. Resultatet utgjorde en tydlig bedömning av modellernas robusthet och pålitlighet när det gäller att förutse marknadsrörelser genom en omfattande jämförelse och analys av samtliga tester och deras resultat. Arbetet belyser även hur modellernas resultat påverkas av manipulativa handlingar. Dessutom framgår det hur valet av normaliseringsmetod påverkar modellernas resultat. / Over the years, intensive research has been conducted to enhance the capability of machine learning models to predict market movements. Despite this, during financial history, several events, such as the "Flash-crash," have impacted the market and had dramatic consequences for price movements. Therefore, it is crucial to examine how the models are affected by manipulative actions in the financial market to ensure their robustness and reliability in such situations. To carry out this work, the process has been divided into three steps. Firstly, a review of previous studies was conducted to identify the most robust models in the field. This was achieved by training the models on the FI-2010 dataset, which is a publicly available dataset for high-frequency trading of stocks on the NASDAQ Nordic stock exchange. The examined models included DeepLOB, DeepLOB-Attention, DeepLOB-seq2seq, DTNN, and TCN. The second step involved acquiring the Swedish dataset from Nasdaq Nordic, providing data on Swedish stock Limit Order Books (LOB). The two models that demonstrated the best results in the first step were then trained with this dataset. Finally, a manipulation was performed on the Swedish order books to investigate how these models would be affected. The result constituted a clear assessment of the models' robustness and reliability in predicting market movements through a comprehensive comparison and analysis of all tests and their results. The work also highlights how the models' outcomes are affected by manipulative actions. Furthermore, it becomes evident how the choice of normalization method affects the models' results.
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Postmodern finans: En explorativ studie om finansiella influensers och marknadsmanipulationMård, Jesper, Strömberg, William January 2022 (has links)
Avsikten med denna studie har varit att studera problematiken som har uppstått i och med det växande fenomenet finansiella influensers och dess koppling till marknadsmanipulation. Med en explosiv ökning inom aktiehandeln på dagens finansmarknader är det många beslut som inte längre kan definieras med enbart klassisk finansiell teori. Det växande och mer irrationella fenomenet finansiella influensers ses som en potentiell källa till denna utveckling. Med hjälp av ett postmodernt ramverk ämnar studien undersöka och analysera effekten detta fenomen har på investeringsbeslut samt undersöka hur Marknadsmissbrukslagen påverkar dessa influensers. Detta då marknadsmanipulation i tidigare studier visat sig kunna ha en koppling till finansiella influensers ageranden. Studien tillämpar ett kvalitativt tillvägagångssätt med postmodern inriktning, i syfte att studera en av flera möjliga beskrivningar av verkligheten. För bästa möjliga resultat använder studien en triangulering av data vilket innebär dels en tematisk innehålls-analys utav nio semistrukturerade intervjuer där åtta av respondenterna utgörs av finansengagerade småsparare och där den nionde är yrkesmässig expert på området, dels en kvalitativ innehållsanalys av en dokumentstudie för att inkorporera förståelse kring studiens problematik som den tas upp i andra samhällsdiskurser. Studien visar hur människor uppfattar att finansiella influensers har stor påverkan på dagens finansiella beslut och att detta fenomen har stor potential att orsaka marknadsmanipulation genom uppmaningar till följarna. Resultaten visar på att en postmodern syn på fenomenet kan öka förståelsen för dess existens, detta genom att inte endast irrationell eller rationell teori lyckas självständigt beskriva företeelsen. En viss samexistens av teorierna anses därmed behövas och svaren visar också på en potentiell koppling till rationaliteten bakom att göra till synes irrationella finansbeslut i dagens marknader. Ett tecken på hur finans är hyperrealistiskt, d.v.s. ett fenomen som givits en ny kontext skiljd från dess ursprungliga mening. Hyperrealism medför också att finans kan ses som postmodernt. Den reglering som är ämnad att kontrollera dessa marknadsmanipulationer, dvs. Marknadsmissbrukslagen, visar sig lida av otydlighet och potentiell godtycklighet. Studien visar på hur denna uppfattning från flera marknadsaktörer grundar sig i övertygelser om potentiellt subjektiva domar baserade på kriterier som inte lätt förstås av vare sig småsparare eller av större marknadsaktörer. Regleringens otydlighet markerar dess frånkoppling från lagens logiska grund och förståelsen för Marknadsmissbrukslagen kan öka genom att se på den som en godtycklig spelregel. Denna aspekt målar också upp en bild utav hyperrealism utifrån att regleringen praktiskt kan tänkas agera som en spelregel för finansmarknaden men i dagens samhälle används som lag. Studien visar därmed ett ytterligare bevis för hur finans uppfattas som postmodernt. / The purpose of this study has been to examine the problems that have arisen as a result of the growing phenomenon that is financial influencers and its’ connection to market manipulation. With a rapid increase of stock trading in today’s financial markets, there are many decisions in themselves that can no longer be defined solely by classic financial theory. The growing and more irrational phenomenon of financial influencers is seen as one potential source of this development. Using a postmodern framework, the study intends to investigate and analyze the effects this phenomenon has on investment decisions and also examine how the Swedish Market Abuse Act (Marknadsmissbrukslagen) affect these influencers. This is done because market manipulation has shown to have a potential connection to the actions of financial influencers. The study applies a qualitative approach with a postmodern focus, in order to examine one of several possible descriptions of reality. To attain the best results possible this study implemented triangulation of data, which included a themed content analysis based on nine semi structured interviews where eight respondents were ordinary investors and the nineth respondent were a professional in this particular work field. The study also constitutes a qualitative content analysis of a document study in order to incorporate a deeper understanding for the study’s problematization as it is mentioned in the social discourse. The study shows how people perceive that financial influencers have a great affect on today’s financial decisions and that this phenomenon has substantial potential to cause market manipulation through urgings to followers. The results show that a postmodern view of the phenomenon can increase the understanding of its existence, this is done through showing that neither rational nor irrational finance theories can on their own fully explain the phenomenon. A certain coexistence of these theories is thus considered necessary. The study also shows a potential connection to the rationality behind making seemingly irrational financial decisions in today’s markets. A sign showing how finance is hyper-realistic, i.e., a phenomenon that given a new context separated from its original meaning. Hyperrealism also means that finance can be seen as postmodern. The regulation that intends to control these market manipulations, i.e. The Swedish Market Abuse Act, turns out to suffer from ambiguity and potential arbitrariness. The study shows how this perception by several market participants is planted on beliefs about potentially subjective judgements based on criteria that are not easily understood by ordinary investors nor larger market participants. The ambiguity of the regulation points out its disconnection from the logical foundation of law and the understanding of the Swedish Market Abuse Act therefore might increase by interpreting this law as an arbitrary game rule. This specific aspect also paints a hyperrealistic picture, as the regulation is practically understood as a game rule in financial markets, but in today’s markets it functions as a law. Thus, our study presents further evidence how finance is perceived as postmodern.
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Decision Support Systems for Financial Market SurveillanceAlic, Irina 30 November 2016 (has links)
Entscheidungsunterstützungssysteme in der Finanzwirtschaft sind nicht nur für die Wis-senschaft, sondern auch für die Praxis von großem Interesse. Um die Finanzmarktüber-wachung zu gewährleisten, sehen sich die Finanzaufsichtsbehörden auf der einen Seite, mit der steigenden Anzahl von onlineverfügbaren Informationen, wie z.B. den Finanz-Blogs und -Nachrichten konfrontiert. Auf der anderen Seite stellen schnell aufkommen-de Trends, wie z.B. die stetig wachsende Menge an online verfügbaren Daten sowie die Entwicklung von Data-Mining-Methoden, Herausforderungen für die Wissenschaft dar. Entscheidungsunterstützungssysteme in der Finanzwirtschaft bieten die Möglichkeit rechtzeitig relevante Informationen für Finanzaufsichtsbehörden und Compliance-Beauftragte von Finanzinstituten zur Verfügung zu stellen. In dieser Arbeit werden IT-Artefakte vorgestellt, welche die Entscheidungsfindung der Finanzmarktüberwachung unterstützen. Darüber hinaus wird eine erklärende Designtheorie vorgestellt, welche die Anforderungen der Regulierungsbehörden und der Compliance-Beauftragten in Finan-zinstituten aufgreift.
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Essays in econometrics and energy marketsBenatia, David 05 1900 (has links)
No description available.
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興櫃股票適用我國證券交易法反市場操縱條款之研究 / A study of adapting the anti-manipulation provisions to taiwan emerging stock market陳永明, Chen, Yung Ming Unknown Date (has links)
我國興櫃股票之交易方式係由推薦證券商(即興櫃股票之造市商)之報價主導交易進行,屬於報價驅動(Quote-driven)之交易方式,與我國上櫃股票採取「等價交易」及上市股票採取「競價交易」等均屬委託單驅動(Order-driven)之交易方式迥然不同。
按我國證券交易法第155條第2項準用同條第1項規定之適用結果,「於證券商營業處所買賣有價證券」者,仍應有第1項所揭反市場操縱條款之適用。惟有關興櫃股票交易在成交對象之選擇、成交順序、成交價格決定,乃至於成交後之給付結算作業方式等,均與我國現行上市(櫃)股票之交易及交割方式具有明顯之差異,致應如何適用證券交易法反市場操縱條款之規定,乃成疑義。
本文鑒於興櫃股票市場規模已呈穩定成長之勢,不難想像興櫃股票交易與市場操縱行為之間終將有擦出爭議火花之時,故以比較法學研究之觀點,歸納並分析興櫃股票與上市(櫃)股票交易方式之差異及其癥結所在。另蒐集瀏覽世界各國主要證券市場之交易規制,包括美國OTCBB市場、歐陸Alternext市場及英國AIM市場,分析其他採用報價驅動交易模式之先進市場當中有關造市商義務之規範,以掌握造市商義務之核心意涵。進而以造市商義務範圍及報價驅動市場之交易特徵為基礎,逐一檢測興櫃股票適用我國證券交易法所揭「違約不交割」、「相對委託」、「連續交易」、「沖洗買賣」、「散布流言或不實資料」及「其他直接或間接操縱市場」等各款反市場操縱條款規定可能引發之爭議,並提出本文意見。 / The trading mechanism of Taiwan Emerging Stock is based on quote-driven model, which is very different from the order-driven model of the Taiwan OTC securities market and Taiwan Stock Exchange market.
By the Taiwan Securities and Exchange Act Article 155 paragraph 2 permitted that paragraph 1, the anti-market manipulation provisions, shall apply mutatis mutandis to securities transactions conducted on the over-the-counter markets. However, lots of Taiwan Emerging stock trading rules such as allowing the participants to choose their counterparty, the matching sequence rules, the price decision rules, and even the rules of payment and settlement practices after transaction, all have significantly differences between those of Taiwan Emerging stock market and listed stock market. Therefore, how should Taiwan Emerging stock apply to the Securities Exchange Act under the terms of the anti-market manipulation is into doubt.
Taiwan Emerging stock market has shown a steady growth trend, hence, it is easy to imagine that Taiwan Emerging stock trading and market manipulation issues will eventually rise to controversy. This thesis is to study from the point of view of comparative law, by means of analyzing the emerging stock markets of the advanced countries, including the U.S. OTCBB market, the European Alternext market and the UK AIM market, to conclude the crux of the difference between the quote-driven and order-driven market models. Then, to understand the characteristics and core obligation of the market maker under quote-driven market model, furthermore, to detect the disputes may lead for adapting the anti-manipulation provisions to Taiwan Emerging stock, including the terms of "breach of contract non-deliverable", "improper matched orders ", "continuous trading", "wash sale", "spreading rumors or false information" and other direct or indirect behavior of manipulation". And this thesis proposed its discovery at the end.
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